GeoFRED Map
I am just noticing that South Africa market capitalization is double the size, relative to GDP, than any other country. This need to be explained.
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I agree with you that this warrants further investigation. I had the same question. It seems like it is mostly driven by big market cap companies - telecoms, retail and finance. Telecoms make sense - they are expanding into Africa (thus not really linked to SA GDP). I am a bit worried about retail (possibly linked to credit) and finance. Could this be an indication of an asset price bubble? If so, what is the appropriate MP response? Is it Roubini-type burst the bubble, or Bernanke-type sweep up the mess after the bubble is burst?
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